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Q&A Forum

What accounts get zeroed out at the end of year?

Anonymous
(Bookkeeper)
Example: Accrued items
126 Views | 1 Answers/Comments

How to do Partnership Financial Statement with Negative Capital Account

Anonymous
(Company Accountant)
I am finishing a partnership for the first time in my life. I don't know what I should do. I plan to do a financial statements and lodge final tax return, lodge my last BAS and cancel...
127 Views | 0 Answers/Comments

How do parent and subsidiary audits work?

anonymous person
Title: Associate
Company: Accounting Firm
(Associate at Accounting Firm)
I am starting in audit soon and I am just wondering the mechanics of an audit in regards to a parent and sub. if a company buys another and they have different auditors, would the audit...
1493 Views | 0 Answers/Comments

How to book a deferred tax in IFRS and in the local statutory in case of a different result in the books?

Aleksandra Myja
Title: Junior Financial Controller
Company: Fresenius Kabi SSC Poland
(Junior Financial Controller at Fresenius Kabi SSC Poland)
How to book a deferred tax in IFRS and in the local statutory in case of a different result in the books? How can I match one result to another? Thank you in advance
158 Views | 0 Answers/Comments

What is my job title ?

Anonymous
(accounts assisstant)
I recently started a job as a admin/accounts assistant in a new accounting firm, however as the months have passed they have decided to hire a few more bookkeepers and have me over se...
6202 Views | 1 Answers/Comments

Solving for Net Receivables

Anonymous
(Research Analyst)
Recently took a financial modeling test as part of an interview process. The test was a three statement financial model in Excel with certain cells left blank which had to be filled in ...
3326 Views | 1 Answers/Comments

Fixed Assets Verification technical criteria

Greeting, we are in fixed assets verification. we need to choose vendor for it, can anyone advice what shall be technical criteria in order to choose vendor. thanks in advance.
188 Views | 0 Answers/Comments

Business purchase interest deduction

Anonymous
(Lead strategist)
So I have a few years business and personal of tax filings to catch up on. I just found out that interest paid on business purchases is deductible, even if you use a personal card. M...
153 Views | 0 Answers/Comments

How do I treat rebate payment made to my customer ?

Oluwaseyi Adebowale
Title: Management Accountant
Company: Dastra Nigeria Enterprises
(Management Accountant at Dastra Nigeria Enterprises)
155 Views | 0 Answers/Comments

How to calculate and record monthly paid time off ( vacation and sick leave) expenses?

Anonymous
(Manager)
I find out that it is confusing to calculate employees' paid time off expenses on 12/31 and 1/31 of each year. For example: On 12/31/2018, employee A used $100.00 vacation, had $100....
5867 Views | 1 Answers/Comments

Accounts receivable on behalf of a company abroad and remitting to the company

Anonymous
(Educator)
I was asked to represent a company from abroad to collect balances owing to my own account and then remitting it to the company minus the commission. The company wants someone in N.Amer...
7030 Views | 1 Answers/Comments

Entry for Conversion of Convertible Notes

William Lieberman
Title: Founder & CEO
Company: The CEO's Right Hand
(Founder & CEO at The CEO's Right Hand)
I have a client that raised $1MM in convertible notes at a $10MM cap with a 20% discount. They subsequently received their Series A investment of $10MM at a $40MM pre-money valuation at...
15520 Views | 3 Answers/Comments

General Contractor and Multiple Divisions

Anonymous
(Accountant)
We are a General Contractor with Multiple Divisions that perform work on our Construction jobs, such as the Electrical, etc. We treat them as a Profit Center so we can capture their re...
182 Views | 0 Answers/Comments

Invoice Amount Straddles Month End

Thomas LYNCH
Title: President
Company: CereTel Inc.
(President at CereTel Inc.)
I am not an accountant but I have an accounting degree and am trying to clean up our books after our bookkeeper left. I am pretty familiar with QBO, at least on the day-to-day level. ...
221 Views | 1 Answers/Comments

Tripactions and integration with HR system and Expense reimbursement system

Anonymous
(manager)
Hello, Currently we are trying out whether Tripactions.com (a corporate travel booking website) is a good option for employees to book travels and also integrate with our HR system (B...
166 Views | 0 Answers/Comments

CapEx and Depreciation

Henry Kusuma
Title: Functional Consulting
Company: Toba Technology
(Functional Consulting at Toba Technology)
Hello. First of all sorry for my bad english. Here I would like to ask some help from you guys regarding capitalization cost and how to depreciation it. Lets say, company A have an asse...
4521 Views | 1 Answers/Comments

Help With Journal Entries

Deeire Denia
Title: Accountant
Company: RETR INC
(Accountant at RETR INC)
My company pays 100% of our employees' legal shield and supplemental life insurance up front and we are refunded by the employees during the month. What would the appropriate journal en...
4674 Views | 2 Answers/Comments

Hosting QB in Cloud

Diana Dickson
Title: Bookkeeping executive
Company: DD LLC
(Bookkeeping executive at DD LLC)
Hi All, I've posted some questions on here before and had some great help. I'm a IT tech who has been tasked with getting an accounting firms QB data into the cloud. They do not want...
159 Views | 1 Answers/Comments

Equivalent English language accounting term

Mary Breen
Title: Corporate and financial translator
Company: Freelancer
(Corporate and financial translator at Freelancer)
I would be grateful if someone could provide me with the English term for this accounting concept I have to translate from French: The firm is a transport operator who receives their re...
107 Views | 0 Answers/Comments

Balance Sheet for a company financed 100% by debt

Anonymous
(MBA Student)
If a firm is 100% financed by debt, where would the net income (retained earnings) from the firm's income statement be shown on the balance sheet? In other words, how are retained earn...
3824 Views | 2 Answers/Comments

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